EDG Partners announced the sales of PWNHealth, Inc, its portfolio company to Spectrum Equity, a growth equity company focusing on internet-enabled software and information services firms, with a contribution by the Blue Venture Fund, which is an exclusive partnership between Blue Cross and Blue Shield (BCBS) organizations, Blue Cross Blue Shield Association and Sandbox to which 36 BCBS corporations have promised more than $800 million across four funds.
PWNHealth is the market-leading platform that facilitates lab testing for customers directly online, through their employers and health plans. The organization provides a complete solution to lab testing that includes telehealth access to a countrywide physician and genetic counselor network, connectivity to CLIA-certified labs, and an intuitive-to-use online platform to manage test ordering and result notifications effectively. Since its establishment, the organization aims to enhance health outcomes by allowing safe and easy access to professional guidance and testing.
EDG Managing Director and PWN Chairman during EDG’s ownership, Mike Gaffney stated that the PWN Health story started in mid-2015 when the company partnered with Sanjay Pingle, the CEO of PWN Health to buy the small employer and consumer testing support business from Medivo which is a venture-backed analytics organization. The deal provided Medivo non-dilutive liquidity and launched PWN Health. In the five years period, the company has supported the extension of the complete management team, expansion of business and genetic testing, and life sciences development leveraging the PWN’s capabilities. EDG’s value included recruiting talented management team members, assembling a top-tier board, introducing the company to potential partners and clients, and supporting M&A.
PWN Health’s CEO, Sanjay Pingle expressed his gratitude to Mike Gaffney and the EDG team for the robust partnership that the company has enjoyed for the past five years. EDG saw potential in PWNHealth since its beginning and has actively helped the organization to execute its vision.